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Essentially, China has used bilateral swap agreements to help embed the
yuan in international trade in the the post-crisis era. As you'll see
below, counterparty countries have also tapped their yuan liquidity
lines when they're cut off from dollar funding, making China a critical
lifeline for bolstering FX reserves and helping to alleviate shortages
of imported goods.
The Obama administration signaled it won’t jeopardize the
U.S. power to veto IMF decisions to achieve its goal of giving China
and other emerging markets more clout at the lender
Currency Swap: Exchange of two currency with or without interest payments. In case of Argentina the is USD .
Argentina has a USD 11 billion equivalent Peso/Yuan swap.
Sri Lanka has a USD 1.63 billion equivalent Swap
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